The recent rise of the pound has surpassed expectations, breaking through the 1.2510 resistance level as well as the high from January 2nd. However, this upward momentum has faced a setback from the balance line indicator on the daily timeframe, which may indicate that the correction is coming to an end. Currently, the price is attempting to fall back below the 1.2510 level.
The signal line of the Marlin oscillator is moving within its own descending channel, and we are seeing it turn downward from the upper boundary. A daily close below the 1.2510 level would open the way to the 1.2367 target. Further declines could lead to a move toward the 1.2294 level.
On the four-hour timeframe, the price is stuck at the 1.2510 level. However, downward movement is being supported by the Marlin oscillator, which is quickly moving back below the zero line, and by the balance line indicator that has prevented further growth. A break below the MACD line at 1.2464 will confirm the intention to target the 1.2367 level.
The material has been provided by InstaForex Company - www.instaforex.com
The signal line of the Marlin oscillator is moving within its own descending channel, and we are seeing it turn downward from the upper boundary. A daily close below the 1.2510 level would open the way to the 1.2367 target. Further declines could lead to a move toward the 1.2294 level.
On the four-hour timeframe, the price is stuck at the 1.2510 level. However, downward movement is being supported by the Marlin oscillator, which is quickly moving back below the zero line, and by the balance line indicator that has prevented further growth. A break below the MACD line at 1.2464 will confirm the intention to target the 1.2367 level.
The material has been provided by InstaForex Company - www.instaforex.com
